Welcome to our dedicated page for Horizon Technology Finance Corporation news (Ticker: HRZN), a resource for investors and traders seeking the latest updates and insights on Horizon Technology Finance Corporation stock.
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company headquartered in Farmington, Connecticut. The company is dedicated to providing capital in the form of structured debt products to venture capital-backed companies across the technology, life sciences, healthcare information and services, and sustainability industries. Since its inception in 2004, Horizon has successfully originated and invested more than $1.2 billion in venture loans to over 200 burgeoning companies.
Horizon operates with the primary objective of maximizing its investment portfolio's total return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives. The company's experienced team of investment professionals brings a wealth of industry knowledge, ensuring reliable and forward-looking capital solutions to its portfolio companies. Horizon's strong relationships within the venture capital community enable it to support its clients in bridging financial gaps and overcoming growth challenges.
Recent achievements highlight Horizon's robust financial performance. For the fourth quarter of 2023, Horizon reported a 21.8% increase in total investment income, reaching $28.2 million. The company's dollar-weighted annualized yield on average debt investments was 16.8%, reflecting its strategic focus on high-yield opportunities. Horizon's portfolio at the end of 2023 consisted of 56 secured loans, amounting to a fair value of $670.2 million, and total warrant, equity, and other investments in 102 companies valued at $38.9 million.
Horizon continues to actively manage its investments, prudently growing its portfolio and maximizing net asset value (NAV). Despite market challenges, including some unrealized depreciation on investments, the company remains committed to supporting its borrowers and maximizing capital recovery. As of December 31, 2023, Horizon's net assets stood at $324.0 million, or $9.71 per share.
In addition to its financial achievements, Horizon announced a significant acquisition through its affiliate HIMV LLC. Horizon facilitated the acquisition of a comprehensive portfolio of discovery, preclinical, and clinical stage assets from IMV Inc., aiding BioVaxys Technology Corp. in integrating these assets and expanding its clinical-stage programs.
Looking ahead, Horizon is set to release its financial results for the fourth quarter of 2023 on February 27, 2024, and will host a conference call to discuss these results. The company's board of directors has also declared monthly distributions of $0.11 per share for April, May, and June 2024, and a special distribution of $0.05 per share in April 2024.
Horizon Technology Finance Corporation remains a pivotal player in the venture lending landscape, offering substantial value and unwavering support to its portfolio companies. To learn more, visit horizontechfinance.com.
Horizon Technology Finance (NASDAQ: HRZN) has provided a $10 million venture loan facility to Finexio, with $5 million initially funded. Finexio, backed by JP Morgan and Mendon Venture Partners, is a B2B payments company offering AI-powered 'Accounts Payable Payments as a Service'. The platform automates and digitizes payments through various methods including ACH, virtual credit cards, and checks, integrating with existing AP and Procurement systems.
The loan proceeds will be used for general growth and working capital purposes. Finexio's platform utilizes predictive analytics to optimize payment timing and cash flow while providing fraud prevention capabilities.
Horizon Technology Finance has provided a $10 million venture loan facility to Ursa Space Systems, a leading satellite intelligence company. Ursa Space serves government and commercial clients worldwide through an extensive virtual network of over 200 satellites, combining Synthetic Aperture Radar, Electro-Optical, and Radio Frequency data with AI-enabled processing. The company, backed by investors including Dorilton Capital, RRE Ventures, and Paladin Capital Group, will use the loan proceeds for general growth and working capital purposes. Ursa Space's platform provides access to over 55 million satellite images and delivers critical intelligence through custom solutions and subscription services.
Horizon Technology Finance (NASDAQ: HRZN) has declared monthly cash distributions of $0.11 per share for January, February, and March 2025, totaling $0.33 per share. Since its 2010 IPO, Horizon has distributed $286 million to shareholders. The company maintains a Dividend Reinvestment Plan (DRIP) allowing automatic reinvestment of distributions into additional shares unless stockholders opt out. DRIP shares can be issued as new stock or purchased from the open market, with valuation based on closing prices or average purchase prices respectively.
Horizon Technology Finance (NASDAQ: HRZN) reported third quarter 2024 financial results with net investment income of $11.8 million ($0.32 per share), down from $17.4 million ($0.53 per share) in Q3 2023. The total investment portfolio reached $684.0 million, with a debt portfolio yield of 15.9%. The company funded nine loans totaling $93.1 million and raised $18.4 million through ATM offerings. Net asset value was $342.5 million ($9.06 per share). The company declared monthly distributions of $0.11 per share through March 2025, with undistributed spillover income of $1.27 per share.
Horizon Technology Finance (NASDAQ: HRZN) reported significant progress in Q3 2024, originating $93.1 million in new loans. The company ended the quarter with a committed backlog of $189.9 million in debt investments. Key highlights include:
- Funded $93.1 million in loans to various companies
- Experienced liquidity events from four portfolio companies, with $37.5 million in principal prepayments
- Received $12.4 million in regularly scheduled principal payments
- Closed new loan commitments totaling $172.9 million to eight companies
- Held a portfolio of warrant and equity positions in 103 portfolio companies
HRZN's President, Gerald A. Michaud, noted the improving venture environment and expressed confidence in the company's position to deliver additional value to shareholders.
Horizon Technology Finance (NASDAQ: HRZN) has provided a $35 million venture loan facility to GT Medical Technologies, Inc. (GT MedTech), with $15 million initially funded. GT MedTech's flagship product, GammaTile®, is a bioresorbable collagen tile embedded with radiation seeds (Cesium-131) for treating brain tumors. This innovative solution delivers targeted radiation directly to the tumor cavity, reducing recurrence and minimizing exposure to healthy tissue.
GT MedTech, backed by investors like MVM Partners and Glide Healthcare Partners, will use the loan for growth and working capital. The FDA-cleared GammaTile aims to transform brain tumor treatment standards while offering a cost-effective reimbursement profile for hospitals.
GT Medical Technologies, Inc. has secured a $35 million venture loan facility from Horizon Technology Finance (NASDAQ: HRZN), with an initial funding of $15 million. The company plans to use the proceeds to execute strategic commercial and clinical expansion plans for GammaTile®, their innovative targeted radiation solution for brain tumors. GammaTile is a bioresorbable collagen tile embedded with Cesium-131 seeds, delivering high-dose radiation directly to tumor cavities while minimizing damage to healthy tissue.
GT MedTech aims to improve access to care and expand GammaTile utilization for patients with high-grade gliomas, brain metastases, and aggressive meningiomas. The company is backed by notable investors, including MVM Partners and Glide Healthcare Partners, and plans to invest more resources into GammaTile's development and expand its commercial teams nationwide.
Vesta Healthcare, a virtual care provider for people with home care, has secured $65 million in Series C funding. The equity round was led by RA Capital Management, with participation from various investors including Oak HC/FT, Chrysalis Ventures, and CareCentrix/Walgreens. Horizon Technology Finance provided debt financing.
Vesta Healthcare serves over 50,000 people, connecting patients, family, caregivers, home care agencies, providers, and insurance plans. Their technology and services span from home-based primary care to passive monitoring, aiming to help people with home care live longer, healthier lives at home.
The company plans to use this funding to propel growth and continue improving healthcare outcomes for those with home care needs.
Horizon Technology Finance (NASDAQ: HRZN) has provided a $35 million venture loan facility to Vesta Healthcare, with $25 million initially funded. Vesta Healthcare is a tech-enabled clinical services company that integrates caregivers, patients, and healthcare systems to monitor chronic conditions of high-risk patients. The company aims to reduce hospital admissions and emergency visits through 24/7 clinical support and advanced analytics, ultimately minimizing unnecessary care utilization and generating cost savings.
Vesta Healthcare is backed by notable investors including RA Capital Management, Oak HC/FT, and Kaiser Permanente Ventures. The loan proceeds will be used for general growth and working capital purposes. This funding supports Vesta's mission to deliver value-based health programs and keep high-risk patients safely in their homes, enhancing their quality of life.
Horizon Technology Finance Management, the manager and adviser for Horizon Technology Finance (NASDAQ: HRZN), has announced four senior promotions within its origination team. These promotions aim to enhance the company's origination capabilities and portfolio management to better serve existing and potential borrowers and their venture investors.
The promotions include:
- Kevin May as Head of Originations, SVP and Senior Managing Director
- Mishone Donelson as Head of Life Science Lending, SVP and Senior Managing Director
- Todd McDonald as Head of Technology Lending and Senior Managing Director
- Kevin Walsh as Head of Portfolio Management and Senior Managing Director
These new roles are designed to strengthen Horizon's market presence and execution of its venture lending strategy across all platforms and geographies.
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